Artificial Intelligence
Health Ingredients Market Set to Surge to $146.3 Billion by 2027 with Impressive 7.8% CAGR
Chicago, June 09, 2023 (GLOBE NEWSWIRE) — The health ingredients market was valued at US$100.5 billion in 2022, is anticipated to reach US$146.3 billion by 2027, growing at a CAGR of 7.8%. The emergence of personalized nutrition trends and advancements in nutrigenomics have enabled the health ingredients market to develop tailored products to meet specific needs. These products serve various functional purposes, including immune system support, digestion aid, mental health promotion, beauty enhancement, and cardiovascular health, among others.
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The health ingredients market has experienced substantial growth, due to the emergence of personalized nutrition trends and advancements in nutrigenomics. This has enabled the manufacturing of products tailored to individual needs and preferences. These need-based products serve various functional purposes, including immune system support, digestion aid, mental health promotion, beauty enhancements, cardiovascular health, and more. The ability to create customized nutritional solutions based on an individual’s unique requirements has opened new opportunities in the health ingredients market.
Key Industry Development:
One of the key industry developments in the health ingredients market is the increasing focus on natural and clean-label ingredients. Consumers are increasingly seeking products that are free from artificial additives, preservatives, and chemicals. This has led to a growing demand for health ingredients derived from natural sources, such as plant-based extracts, herbs, and botanicals. Manufacturers are responding to this trend by incorporating these natural ingredients into their products to meet consumer preferences and provide healthier options.
Report Scope & Segmentation:
| Report Metrics | Details |
| Forecast Period | 2022-2027 |
| Forecast Period 2022-2027 CAGR | 7.8% |
| 2027 Value Projection | USD 146.3 billion |
| Segments covered | Type, Source, Application, Function & Region |
| Regions covered | North America, Europe, Asia Pacific, and RoW |
Key Takeaways:
- Growing demand for functional and nutraceutical ingredients
- Increasing preference for plant-based and natural ingredients
- Emphasis on clean label and transparency in ingredient lists
- Shift towards personalized and customized health products
- Rise in the use of microbial ingredients and probiotics for gut health
Drivers and Opportunities:
Driver: Rising Incidences of Chronic Diseases
The global prevalence of chronic illnesses and conditions is experiencing a significant increase. These long-term health issues, which are common and expensive to manage, are on the rise due to several factors. Firstly, the aging population and changes in societal behavior contribute to this trend. Secondly, as the middle class expands and urbanization accelerates, people are adopting more sedentary lifestyles, leading to a higher incidence of obesity and related diseases such as diabetes. The impact of this rise in chronic diseases is expected to be most pronounced in emerging markets, where population expansion is anticipated to be the greatest.
According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) of the Centers for Disease Control and Prevention (CDC) in 2022, six out of ten adults in the United States are affected by chronic diseases. Furthermore, a commentary published by the National Association of Chronic Disease Directors in 2022 revealed that nearly 60% of American adults suffer from at least one chronic disease. Chronic diseases like diabetes, cancer, and cardiovascular disease are major causes of death in the US. Together, heart disease, cancer, stroke, chronic obstructive pulmonary disease, and diabetes account for more than two-thirds of all deaths.
Opportunity: Rise in Demand for Plant-Based Health Ingredients
The demand for plant-based protein ingredients is experiencing rapid growth, driven by a shift in consumer preferences away from animal proteins towards plant-based alternatives. This shift presents a significant opportunity for the market of herbal supplements and botanicals to thrive. The increasing consumer inclination towards plant extracts is influenced by several factors, including a preference for clean-label products, concerns about sustainability, and the need to avoid allergens. What was once a market primarily driven by vegans is now expanding to include flexitarians, indicating a broader shift in customer preferences. This shift opens new opportunities in the health ingredients market.
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Segments:
The Probiotics starter culture is expected to experience the highest compound annual growth rate (CAGR) in terms of value.
Probiotics have beneficial effects on the body when consumed in sufficient quantities, such as improved gut health and reduced intestinal inflammation. They play a crucial role in preventive healthcare by strengthening the immune system and helping to prevent diseases. According to a survey conducted by DuPont Nutrition & Biosciences and the Natural Marketing Institute in May 2020, the use of probiotics among consumers in the United States, Italy, and China surged during the pandemic. The survey revealed that the number of Americans using probiotics increased by 66%, accounting for 25% of all supplement users, a significant rise from 15% six months earlier. Among these users, 61% reported using probiotics daily or more frequently, up from 37%. In Italy, probiotic supplement use increased by 188%, representing 26% of all supplement users, up from 9%, with an 83% increase in weekly compliance. Chinese consumers also showed a substantial increase of 108% in probiotic use, making up 48% of all supplement users, up from 23%. Long-term expectations from consumers in the US and Italy indicated a desire to take probiotics more frequently in the following six months compared to the six months prior to the pandemic.
Plant-based foods, categorized by their sources, are projected to achieve the highest market share during the forecast period.
Plant-based diets are gaining popularity due to various factors, including the rise of vegan culture, increased health awareness, and concerns about animal welfare. These factors have contributed to the growth of the market for plant-based food ingredients. According to a 2021 report by the Good Food Institute, plant-based foods have outperformed the overall food market in terms of both dollar and unit sales growth for the past three years. During this period, plant-based food sales increased by 54%, while total food sales only saw a 2% increase. Plant-based food unit sales also grew by 6%, while total food unit sales remained unchanged, highlighting the significant role of plant-based foods in driving retail growth within the health ingredients market.
The Food segment, in terms of application, is expected to achieve the highest market share during the forecast period.
Health ingredients refer to food ingredients that are incorporated into food products during manufacturing to create healthier options that enhance consumer well-being. These ingredients can be tailored to meet the nutritional needs of different consumers, including those who engage in regular physical exercise and have varying requirements for proteins, carbohydrates, and other vitamins. With the growing preference for palatable and convenient yet healthy food, manufacturers of bakery products, for example, are incorporating various health ingredients into their offerings. One such example is George Western Foods, a subsidiary of Associated British Foods, which extensively uses omega-3 fatty acids in bakery products under its Tip Top brand, particularly in the Asia Pacific region.
The Asia-Pacific (APAC) region is expected to have the highest compound annual growth rate (CAGR) in the health ingredients market during the forecast period.
The APAC region is a significant market for health ingredients, driven by rapid urbanization and a high prevalence of vitamins and mineral deficiencies among the population. This presents an opportunity for major manufacturers of dietary supplements, functional foods, and beverages to expand their presence and establish themselves as leaders in the regional market. The Asia-Pacific region has witnessed an increase in the incidence of chronic illnesses such as diabetes, cardiovascular diseases, osteoporosis, and arthritis. In India, for example, statistics from 2020 indicate a 20% rise in obesity rates, with cardiovascular diseases accounting for 40% of deaths in the country. It is projected that India will become the diabetes capital of the world by 2030, with an estimated 67 million diabetic patients and 30 million individuals in a pre-diabetic condition. These factors are expected to drive the demand for health ingredient products in India. Key players in the industry, including Amway, Dabur, Novartis, and Aventis Pharma, are focusing on offering a variety of products to meet the consumer demand for dietary supplements.
List of Key Players Mentioned in the Report:
- Archer Daniels Midland Company (ADM) (US)
- Associated British Foods PLC (UK)
- International Flavors & Fragrances Inc. (US)
- Kerry Group PLC (Ireland)
- DSM (Netherlands)
- BASF SE (Germany)
- Cargill Incorporated (US)
- Ingredion (US)
- Arla Foods (Denmark)
- Tate & Lyle (UK)
- Lonza (Switzerland)
- Royal FrieslandCampina N.V. (Netherlands)
- Glanbia PLC (Ireland)
- CHR Hansen Holdings A/S, (Denmark)
- Probi (Sweden).
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Artificial Intelligence
Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product
TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families.
Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks. Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.Password Manager: Creates and manages strong passwords and assists with their use.Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems. The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected]
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ADELAIDE, Australia, May 21, 2024 /PRNewswire/ — Amp Energy (“Amp” or the “Company”) announced today it has finalised all required commercial agreements for the development of the Cape Hardy Advanced Fuels Precinct – one of the leading green hydrogen, green ammonia and advanced fuel projects in Australia. The agreements, which were executed with Iron Road Ltd, include the purchase of a 630-hectare parcel of land at Cape Hardy as well as finalised royalty structure and common user infrastructure agreement. Amp will continue to build upon development progress made since announcing the Strategic Framework Agreement with Iron Road Ltd in April 2023 to bring advanced fuel production capacity to Cape Hardy.
The Cape Hardy Advanced Fuels Precinct will provide production at scale with up to 10 GW of planned electrolyser capacity. Development will be structured to initially bring 1 GW online with incremental stages to reach 10 GW of total capacity. The project will both cater to the domestic Australian market, supporting the Australian Government’s net zero goals, while also featuring global export capabilities. To facilitate distribution, Cape Hardy will be equipped with Australia’s first purpose-built advanced fuels export terminal.
Amp has been in discussions to develop the Cape Hardy Advanced Fuels precinct, in collaboration with Iron Road Ltd and The Government of South Australia, for the past two years. During that time, Amp has made significant development progress. The project’s concept, design, and pre-Front End Engineering Design (FEED) phase have been studied and reviewed by two leading global engineering firms, Arup and Technip Technologies, as Amp targets completion of pre-FEED studies for the first 1 GW electrolyser phase over the next 9 months. FEED scoping and contracting is currently underway ahead of awarding the FEED contract in late 2024 or early 2025.
Desalinated water is to be sourced from the recently announced Northern Water Supply (NWS) seawater desalination plant that will be located at Cape Hardy to meet the project’s demand for electrolyser feed water, cooling water, process plant water, and fire water. Amp is co-funding pre-FID expenditures for the NWS project.
Additionally, Amp is working closely with the Barngarla Determination Aboriginal Corporation RNTBC (“BDAC”). With continued support from the BDAC, Amp is confident the Cape Hardy Advanced Fuels Precinct will have a meaningful economic impact on the region. Amp currently estimates this will include approximately 4,000 direct and 6,000 indirect jobs for the first gigawatt of electrolyser capacity alone.
“We are seeing growing demand for Advanced Fuels both in Australia and abroad. This includes green ammonia, liquid hydrogen, methanol, and sustainable aviation fuel. The Cape Hardy Advanced Fuels Precinct will allow for large-scale production of these fuels that will be critical to the energy transition and achieving net zero targets. We could not be more excited about the project’s potential impact, and we are grateful for the partnership and continued support from Iron Road Ltd, the South Australian Government and BDAC as we progress full steam ahead on development” said Paul Ezekiel, Amp President and Co-founder.
Minister for Trade and Investment, Joe Szakacs said “The State Government recognises the strategic importance of the Cape Hardy Advanced Fuels Precinct attracting investment into the state for domestic and export opportunities, as there is an increasing flight to quality for hydrogen projects worldwide.”
About AmpAmp Energy is a global energy transition development platform, which delivers renewables, battery storage, Advanced Fuels and green AI data centers at scale, together with proprietary AI-enabled grid flexibility through its Amp X platform. Since its inception 15 years ago, Amp has developed and built or contracted 14 GW of assets globally. Amp is backed by major investments from institutional capital partners including global private equity firm the Carlyle Group, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
For more information, please visit amp.energy
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TAIPEI, May 21, 2024 /PRNewswire/ — The GEEKOM A8, a highly anticipated Next-Gen AI mini PC with an AMD HawkPoint Ryzen 8040 processor, is now available.
The A8 employs a metal housing with rounded corners and anodized matte finish, giving it a gorgeous and stylish look. Having a footprint smaller than the palm of a hand, the mini PC will conveniently fit in all types of desktop arrangement and instantly elevate the aesthetics of any workspace.
There are two variants of the GEEKOM A8, users have the option to choose between two processors from the same AMD HawkPoint family: Ryzen 7 8845HS and Ryzen 9 8945HS. Both chips feature 8 Zen 4 CPU cores, 16 threads, 16MB L3 cache, an AMD Radeon 780M integrated GPU as well as a Ryzen AI Engine NPU, but the Ryzen 9 8945HS is designed to offer slightly better performance, thanks to its higher CPU and GPU frequencies.
With a greatly enhanced NPU, the A8 can execute 60% more AI workloads than mini PCs with last-generation Ryzen 7040 chips, allowing users to embrace a new era of AI computing. For average consumers, the A8 will quickly find answers to all questions and turn texts into images and videos. For business users, the A8 will automatically summarize notes, transcribe calls, and take meeting minutes. For professional content creators, the A8 will bring much faster AI-powered photo editing, quicker video output, and speedier multi-tasking, helping bring the most ambitious ideas to life. With the new IceBlast 1.5 cooling technology, the A8 can stay cool and stable even when tasks are loaded.
Besides its powerful performance, the A8 also offers a wide array of ports, including four USB-A (including three USB3.2 Gen2), two HDMI2.0, a 40Gbps USB4, a multi-function Type-C, an SDXC slot, and a 3.5mm audio jack. Users can choose to connect the mini PC to an eGPU, ultra high-speed portable storage, or up to four 4K displays.
The A8 is now available on GEEKOM’s independent website. The 8845HS and 8945HS variants are priced at €799 and €949 respectively. Regardless of the CPU option, each unit is preinstalled with 32GB dual-channel SO-DIMM DDR5-5600 RAM, a fast 1TB M.2 2280 PCIe4.0*4 SSD, a wireless card that supports WiFi 7 and Bluetooth 5.4, and a licensed copy of Windows 11 operating system.
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